If your bank won’t handle your Savings Bond transaction, the Federal Reserve will

where do you buy savings bonds
Tuesday, April 1st, 2014

If you can’t find a bank that will handle a Savings Bond purchase or redemption transaction for you, here’s what to do.

Purchasing Savings Bonds

For purchases. the best option is to open an account at TreasuryDirect. However, you can also buy paper Savings Bonds directly from the Federal Reserve, but you need a multi-part form that can’t be downloaded.

Click here to order paper copies of the Savings Bond purchase forms. Enter how many forms you need, then scroll down to the bottom of the page, enter your name and address, and click the Order button.

When the forms arrive, fill them out, write a check to the Federal Reserve for the amount of your investment, and mail the forms and your check to the Federal Reserve bank that handles Savings Bonds in your part of the country (address shown below).

Redeeming Savings Bonds

For redemptions. you don’t need a form, but you need to have your signature certified – on the back of the

Savings Bonds you want to redeem – by your local bank.

If the bank is reluctant, make it clear that you plan to send the bonds to the Federal Reserve yourself, that you are not requesting that the bank redeem the bonds, and that redemption is impossible without a local bank certifying your signature.

Since the bank’s certification is guaranteeing that you are who you say you are, expect the bank to ask for one or more pieces of identification that match your name on the bond. If you are the beneficiary, you will also have to provide the death certificate of the owner.

If there are more than just a few bonds, rather than certifying each one, it’s easier to list all the bonds on Public Debt Form 1522 and have the bank certify your signature on the form rather than on each and every bond.

Send your paper work to the Federal Reserve Bank that serves your part of the country:

In the west

Federal Reserve Bank of Minneapolis

Source: savings-bond-advisor.com

Category: Bank

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